Orco Property to list in Warsaw, Budapest in 'coming weeks' |
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Published
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Fri, 30 Mar 2007 08:52
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PARIS (AFX) - Paris and Prague-listed Orco Property Group said it expects to carry out its proposed secondary listings on the Warsaw and Budapest stock exchanges 'in the coming weeks', depending on market conditions.It said it is 'considering' an associated a capital increase of about 100 mln eur.Orco will be the only foreign company listed in Budapest. Based on its anticipated market capitalization, Orco expects that it could be eligible, after a certain period of time, for inclusion in the BUX index in Hungary and the WIG index in Poland.'We shall use the proceeds to finance the continuing expansion of our property portfolio in Central and Eastern Europe,' the company said.Luxembourg-based Orco also announced that net profit jumped to 96.7 mln eur last year from 54.5 mln in 2005 as net asset value doubled to 99.4 eur per share.It is proposing a 25 pct dividend increase, to 1 eur per share.The company still expects 2007 sales of around 223 mln eur, combined with 'strong growth' in net asset value.Andrew.Newby@Thomson.coman/anCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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CORRECTION Budapest shares finish down, OTP up 